We propose a “reflexivity” index that quantifies the relative importance of short-term endogeneity/reflexivity for several commodity futures markets (corn, oil, soybeans, sugar, and wheat) and a benchmark equity futures market (E-mini S&P 500). Our reflexivity index is defined as the average...

East Asian economies have been subject to theoretical debates, especially regarding the principal factors that have contributed to their impressive development performance. Many economists familiar with the region’s institutional particularities believe that their catching-up process has much...

The global crisis has disrupted the favourable external environment that made export-led development strategies viable. Developing countries can compensate for the resulting decline in aggregate demand growth through domestic demand if their domestic markets are sufficiently large and if they...